SACO approves 2016 dividend, next year’s contracts

Saudi Company for Hardware’s (SACO) extraordinary general assembly on May 4 approved the 15 percent cash dividend already distributed for Q1 2016 at SAR 1.5 per share with the total of SAR 36 million, and also approved a 15 percent dividend of SAR 36 million at SAR 1.5 per share for H2 of the same year, the company said in a statement to Tadawul on Sunday.

The shareholders approved to renew a leasing contract with the owners of Abraar International Holding Company (related party) for next year worth SAR 2.25 million, under the 11-year contract ending on Feb. 26, 2020. Last year’s contract had the same value. .

Shareholders approved next year’s leasing contract also with the owners of Abraar Company worth SAR 1.3 million. Last year’s contract was valued at SAR 1.8 million.

The extraordinary general assembly approved last year’s deals with Saudi Arabian Marketing & Agencies Company (SAMACO), which were worth SAR 9.5 million and renewed the contract for another year.

It also approved next year’s deals with Medscan Terminal Company. Last year’s deals were worth SAR 201,145.

Shareholders approved a remuneration of SAR 1.8 million for the board of directors for the fiscal year 2016.